An overwhelming number of economists, international civil servants, and policy-makers argue that a fragmentation of the Eurozone would cause a new depression and massive wealth destruction around the world. It would also end the period of economic integration that has characterized world politics since the end of the Cold War.
Interpretation
The quote warns against the potential catastrophic effects of the Eurozone's fragmentation on the global economy.
Klaus Schwab emphasizes the consensus among economists and policymakers that breaking up the Eurozone could lead to severe economic turmoil, including a new depression and widespread loss of wealth. This fragmentation would not only impact Europe but also reverse decades of global economic integration that have shaped international relations since the Cold War, highlighting the interconnectedness of modern economies.
In practice
During an economics lecture to illustrate the importance of global integration, one might quote Schwab's warning about the Eurozone.
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